Bitcoin holds near $65,000 amid hopes for Strait of Hormuz reopening

According to reports on August 7, Bitcoin is trading near $64,900, up approximately 0.1% over the past 24 hours as investor sentiment improves.

Throughout the day, the leading cryptocurrency remained bound within the $64,700–$65,000 range. Market sentiment gained boost from reports hinting at a potential de-escalation of geopolitical tensions surrounding Iran and the possible restoration of shipping through the Strait of Hormuz. However, profit-taking by individual market participants and ongoing uncertainty regarding the U.S. economy continue to cap further gains.

Despite attempting to consolidate near $65,000, analysts note that Bitcoin's next move will depend on diplomatic developments in the Middle East and upcoming macroeconomic signals.

N.Tеbrizli